Making debit cards cheaper – latimes.com

Now, Congress is debating whether to put those “interchange” fees under Washingtons control. During last months debate over a financial regulatory reform bill S 3217, the Senate voted 64 to 33 in favor of an amendment by Sen. Richard Durbin D-Ill. to have the Federal Reserve regulate interchange fees for debit and stored-value cards e.g., prepaid Visa cards. Specifically, the bill said the fees would have to be “reasonable and proportional to the actual cost incurred by the issuer or payment card network with respect to the transaction.”

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WayTooHigh.com: The Credit Card Interchange Report, is edited by Mitch Goldstone, co-founder of California-based ScanMyPhotos.com, the international online photo preservation service.
Goldstone and co-owner, Carl Berman are also the lead plaintiffs and class representatives in a antitrust class-action litigation against Visa, MasterCard and major banks that was filed in 2005.
This informational web site was created to provide news and commentary updates only. None of the information posted on WayTooHigh.com is intended to constitute legal arguments; it reflects only the opinions of its co-editors and not of any other plaintiffs or other parties involved in the merchant antitrust litigation. The information is not guaranteed to be correct, complete, or current. We make no warranty, express or implied, about the accuracy or reliability of the information posted by WayTooHigh.com or at any other Web site to which this site is linked. (c) 2010